Morning sports fans,

Another record night on the Dow as economic numbers show that the US is still the only game in town really…more vague promises expected  from Dr Do Nothing Draghi tonight as he watches Zombieland slide into irrelevance. Gold was up but Oil and Iron Ore down so maybe some profit taking in the miners…yesterday we again rallied hard despite or maybe because of the woeful GDP number at 11.30…to be fair we were starting to rock and roll before that but then the numbers put a rate cut on the cards for 2015…not an RBA meeting until February but lets face it the banks say they are independent of the RBA decision makers anyway so they could cut their rates at any time…

I heard Smokin’ Joe on the ABC this morning…whatever he is smoking, he should stop inhaling!!!The man is absolutely deluded…not sure how his plan to boost the economy depends on higher Uni fees and $7 co payments!! And all the infrastructure that they are building…really..when …and in a week or so we get the MYEFO and that will be a doozy…shame that the only choice is Bill Shorty….the problem our pollies have is they are in Canberra…it really is a different world down there…maybe they should get out more…

So another rally today perhaps…maybe I am being too bearish by half but it does seem there are better places to invest than here at the moment…

Idea of the Day-WOW accumulate

One high profile broker has called WOW a big sell and is looking for a Share price around $25!!!They have called a fall in profits for the first time in 16 years…this is one that has been truly belted..truly whacked…only just keeping their head above 30 bucks…the problems they have with Masters are well known and it seems that Coles is whipping their behinds in the Supermarket wars..but a clever Xmas campaign with a high profile celeb should fix that surely…so I remain a fan of this high quality defensive business..however it is no use standing in front of a freight train…I feel that this is a time to build a position in this one as it remains under a cloud…clouds don’t last forever..they are pushing into China and today announced a deal with Hills Industries to licence their Heritage Brand …I am a buyer on the back foot…

Things to make me go mmmmmm!!!

 

News Corp has been joined by billionaires James Packer and Kerry Stokes in a powerful consortium that will disrupt the major banks in the unsecured lending market through an initial 25 per cent stake in the peer-to-peer lender SocietyOne.

Almost a century after the UK borrowed billions in order to service the costs of the First World War, it is going to pay back a £1.9bn war bond.It is taking advantage of low rates to pay off some of its long term debt…

Pay-TV operator Foxtel and US cable giant Discovery Communications will start as favourites to win control of Ten Network in a three-way battle against two American bidders: a Los Angeles-based private equity player and a New York-based hedge fund. According to sources, none of the non-binding proposals went above 25c a share.

$2 petrol is back in the U.S. An Oncue Express station in Oklahoma City was selling the fuel for $1.99 a gallon today, becoming the first one to drop below $2 in the U.S. since July 30, 2010.And this just shows that not all oil producers receive the same price at all, Crude sold at the wellhead in the Bakken shale region in North Dakota fell to $49.69 a barrel on Nov. 28…this is due to logistical and geographic hurdles…

The best performing market recently has been China..up 15% in ten days!!!Hope for stimulus pushing the market higher….suspect the lower oil price will really help their economy and they are buying and stockpiling the black stuff as fast as they can build storage tanks..

Lots of jobs in the US have come from the oil industry as this graphic shows from a bunch called the Perryman Group..

More highs in World markets than Woodstock! The S&P 500 hit its 48th record high of the year overnight – putting 2014 on par with 1929 for most peaks in a year…that ended well!!

Rare sight today as GEM returns from a halt after a positive trading update!!

A horror day in store for Vocation shareholders again after the downgrade just announced!!

Money returned today from the Medi Float..

Retail trade and  international trade for October at 11:30am

Some thoughts from a guy in the US called James Montier who is a value investor… talking especially about US stocks where he sees no value…

“Be patient. Don’t take it from me, take it from Winnie the Pooh: Never underestimate the value of doing nothing. Never forget: You can’t know the future. Hold a lot of dry powder now. If we do get a dislocation in equity markets, we will have the ability and deploy that dry powder. That’s the time to buy.”

 

And from Winnie the Pooh… “Don’t underestimate the value of Doing Nothing, of just going along, listening to all the things you can’t hear, and not bothering. “RBA seems to like that one!!

 

And in the UK last night Chancellor Osbourne delivered his MYEFO with these comments.. Back [in 2010] Britain was on the brink. Today I can report higher growth, lower unemployment, falling inflation and a deficit that is falling. Half what we inherited. Our long term economic plan is working.

Shame the rest of Europe is mired in policy failure…

And finally…

 

My wife was standing in the kitchen, preparing our usual soft-boiled eggs and toast for breakfast, wearing only The T-shirt that she normally slept in.

As I walked in, almost awake, she turned to me and said softly, “You’ve got to make love to me this very moment!”

My eyes lit up and I thought, “I am either still dreaming or this is going to be my lucky day!” Not wanting to lose the moment, I embraced her and then gave it my all; right there on the kitchen table.

Afterwards she said, “Thanks,” and returned to the stove, her T-shirt still around her neck.

Happy, but a little puzzled, I asked, “What was that all about?”

She explained, “The egg timer’s broken.”

Have a good day

Clarence

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